I think this shows the danger of test equipment …

You don't say under what conditions you are measuring the output. I suspect it may be with no load, in which case the voltage would certainly be higher than you would expect. If you were to measure it when connected to a working TF, it would be noticeably lower.

Beyond this, the specified values usually have margins to cope with a range of actual operating conditions. For example, our power supplies were chosen to be able to operate over line voltages between 100 and 130V (USA model) – this is one reason why they are bigger than many would like.